EU approves up to 1.2 bln euros of state aid for cloud computing project

The European Commission approved on Tuesday up to 1.2 billion euros ($1.30 billion) of state aid for a European cloud computing project.

The European Commission approved on Tuesday up to 1.2 billion euros ($1.30 billion) of state aid for a European cloud computing project. The project, called IPCEI Next Generation Cloud Infrastructure and Services (IPCEI CIS), was jointly notified by seven European Union states, namely: France, Germany, Hungary, Italy, the Netherlands, Poland, and Spain.

Those countries will provide up to 1.2 billion euros in public funding, which in turn is expected to unlock 1.4 billion euros in private investments, added the European Commission. ($1 = 0.9241 euros)

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